Asian stocks followed U.S. stocks lower Friday amid growing concerns that the spread of Covid-19 versions could hamper global economic recovery.
MSCI Inc. Asia-Pacific Stock Quotation it fell to its lowest level since mid-May, and shares withdrew from Japan and China to Australia. A key Hong Kong gauge of Chinese stocks has fallen in the bear market.
India’s SGX Nifty 50 index for delivery in July fell 0.4% to 15,641, while the MSCI Asia-Pacific index fell 1.5%. The NSE Nifty 50 index fell 1% on Thursday to 15,727.90.
U.S. contracts collapsed after the S&P 500 and Nasdaq 100 were withdrawn from the records. Economically sensitive sectors such as industry and materials have brought Wall Street lower.
U.S. government bonds went up overnight, but the reference ten-year yield is still ongoing for the biggest weekly decline since June last year. At one point in U.S. hours, the Treasury’s 30-year yield fell below 1.90% for the first time since February.
Oil traded at about $ 73 a barrel, offsetting a weekly loss after data showed a drop in U.S. inventories and record demand for fuel. Otherwise, Bitcoin has fallen back towards the lower end of the trading range due to the withdrawal of cryptocurrencies.
At home, TCS may react as the company reported quarterly results after the market closed on Thursday. Federal Bank, United Breweries, Dishman Carbogen are among the companies that hold the annual shareholders’ meeting. Foreign investors bought shares net of 661m kuna on Wednesday, according to the NSDL website.